PSCU Payments Index June 2023: A Deep Dive on Money Services

Summary: The June 2023 edition of the PSCU Payments Index finds the continued trend of slower year-over-year growth for both credit and debit. As inflation has reached an inflection point, higher prices for many goods and services are still weighing on consumer spending decisions. In May, year-over-year growth in credit card purchases was negative for the first time since August 2020. While still positive, growth in debit card purchases exhibited a similar softening trend. This month’s Deep Dive highlights our Money Services sector, which has a more notable share of overall debit activity as compared to credit and includes peer-to-peer (P2P) activity of merchants and payment facilitators such as Cash App, Venmo and PayPal.

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